Tokio Marine Insurance and Oddo BHF invested in Simplesurance as part of a round that took the total raised by the Allianz and Rakuten-backed insurance provider to $60m.
Protection policy provider Simplesurance has received $11.5m in funding from investors including insurance group Tokio Marine Insurance and financial services firm Oddo BHF, Institutional Asset Manager has reported. Founded in 2012, Simplesurance markets insurance products to businesses and consumers through an online platform that integrates with the checkouts of online retailers, operating similarly to the way brick-and-mortar stores offer warranties on their products. Simplesurance is currently available in 28 European countries, and Tokio Marine’s involvement will support a roll-out of the service in Japan and other Asian markets. The company has now raised a total of $60m in funding according to Institutional Asset Manager, including $24m from a May 2018 series C round led by Allianz X, the digital investment unit for insurer Allianz. Rakuten Capital, an investment subsidiary of e-commerce firm Rakuten, and venture capital firm Rheingau Founders also took part in the series C round. Allianz, Rakuten, Rheingau and Route 66 Ventures also countributed to a round of undisclosed size for Simplesurance in March 2017.